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Protection Overview

With banks and the economy in the news so much lately, many people are thinking more about the safety of their money. The good news for consumers is that federal deposit insurance coverage has increased significantly from $100,000 to $250,000.

The FDIC (Federal Deposit Insurance Corporation) is an independent agency of the United States government that protects you against the loss of your insured deposits if an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States government. Since the FDIC's creation in 1933, no depositor has lost even one penny of FDIC-insured funds.

Frequently Asked Questions

How safe is Bank of Oklahoma in today's economy?

Bank of Oklahoma is both safe and stable. Our capital levels remain adequate to support growth, even without participating in the widely publicized government capital assistance program. All of the capital ratios of Bank of Oklahoma exceed the regulatory definition of "well capitalized" and it maintains diverse sources of liquidity. We remain confident in Bank of Oklahoma's ability to perform well in the industry and we will continue to provide exceptional delivery of our products and services to our customers.

Why was the coverage increased from $100,000 to $250,000?

The Emergency Economic Stabilization Act of 2008 was enacted on October 3, 2008 to enhance confidence in the United States banking system

How long is the coverage increase effective?

Deposits at FDIC-insured institutions are insured up to at least $250,000 per depositor until December 31, 2013. On January 1, 2014, FDIC deposit insurance for all deposit accounts-except for certain retirement accounts-will return to at least $100,000 per depositor. However, it is important to remember that additional coverage may be available depending on how accounts are held, such as when deposits are owned jointly with another person.

The reduction in coverage starting in 2014 will not affect certain retirement accounts, which includes IRA deposit accounts. IRA's were increased permanently to $250,000 per depositor in 2006.

What are the basic FDIC coverage limits?

Single Accounts (owned by one person):

$250,000 per owner

Joint Accounts (two or more persons):

$250,000 per co-owner

IRAs and other certain retirement accounts:

$250,000 per owner

Revocable trust accounts:

Each owner is insured up to $250,000 for the interests of each beneficiary, subject to specific limitations and requirements.

Is it possible to have more than $250,000 at one insured bank and still be fully covered?

You may qualify for more than $250,000 in coverage at one insured bank or savings association if you own deposit accounts in different ownership categories. The most common account ownership categories for individual and family deposits are single accounts, joint accounts, revocable trust accounts and certain retirement accounts.

What types of accounts are eligible for FDIC insurance?

FDIC insurance covers all deposit accounts at insured banks and savings associations, including checking, NOW, and savings accounts, money market deposit accounts and certificates of deposit (CDs) up to the insurance limit.

What if I have a lot of accounts?

The maximum insurance is always the same, regardless of the number of accounts you have. You can have as many accounts as you'd like, but only $250,000 total of your individual accounts and half of your joint accounts up to $250,000 total will be covered.

The FDIC does not insure the money you invest in stocks, bonds, mutual funds, life insurance policies, annuities or municipal securities, even if you purchased these products from an insured bank or savings association.

Are my separate business accounts also covered by FDIC insurance?

Yes. Your accounts are fully insured. Your other separate business accounts are covered up to the $250,000 limit, so long as the business is a separate legal entity. However, if you operate your business as a sole proprietorship, the deposit accounts of the sole proprietorship are treated as if they are personal accounts and aggregated with your other personal accounts, with the total being insured up to $250,000.

What if I have multiple deposit accounts in my name only at an insured bank? What if one of those accounts is a retirement account such as an IRA?

All single deposit accounts owned by you at the same insured bank, except and certain retirement accounts such as IRAs, are aggregated, and the total is insured up to $250,000. Certain retirement accounts such as IRAs, while being aggregated with other similar retirement accounts for coverage up to $250,000, are not aggregated with other non-retirement deposit accounts at the same bank for FDIC insurance coverage purposes.

What happens if I have a deposit account in an insured bank that fails?

The troubled bank may be purchased by a healthy one, in which case you would become a depositor in the healthy bank. If, however, that does not occur, the FDIC pays off depositors as quickly as possible. The payoff of insured accounts usually occurs within a few days after the failure.

This information is presented as of March 1, 2009. The information in this summary is not intended to be a legal interpretation of the FDIC's rules and regulations. Instead, it is being offered only as a general guide to some commonly asked questions about FDIC deposit insurance. The topic of discussion is quite technical, and you are urged to read further or seek counsel for your specific situation. You may also read more about FDIC insurance coverage online at*.

*By clicking on this link, you will leave Bank of Oklahoma is not responsible for the content of or products and services provided by this site nor does it guarantee the accuracy of information contained in this site. This link will direct you to an Internet site which contains information that may be useful to you. This site is not controlled or endorsed by Bank of Oklahoma and may offer a different privacy policy and level of security.


Need more information about FDIC?

Call the FDIC at 877-ASK-FDIC
(877) 275-3342


Important Disclosure Regarding Deposit Insurance and Noninterest-bearing Transaction Accounts.

View here

© 2015 Bank of Oklahoma, a division of BOKF, NA. Member FDIC. Equal Housing Lender.